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Advance Tax Online in India with REGISTRATION MITRA

Starts from INR 1,999/- 1,499 only

Inclusions

  • Free advisory by experts
  • Tax Liability computation
  • Advance Tax Payment

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    Advance Tax In India

    Every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. This is applicable to rent, capital gains from shares, fixed deposits, lottery winnings, etc. It can be paid online or through certain banks.

    Advance tax is also known as ‘Pay as you earn’ scheme. The tax is payable if your tax liability exceeds Rs. 10,000 in a financial year. The tax should be paid in the same year in which the income was received.

    Eligibility Criteria

    • Applicability
    • Your tax liability should be Rs.10,000 and above.
    • You should be a salaried or a self-employed individual.
    • Income received via capital gains on shares.
    • Interest earned on fixed deposits.
    • Winnings earned from a lottery.
    • Rent or income earned from house property.

    Advance Tax Payment Schedule

    All assesses (other than the eligible assessee as referred to in Section 44AD or section 44ADA) :-

    Due Date Amount to be paid
    15th June 15% of Advance Tax
    15th September 45% of Advance Tax
    15th December 75% of Advance Tax
    15th March 100% of Advance Tax

    NOTE:

    Taxpayers who opted for presumptive taxation scheme of section 44AD or section 44ADA needs to pay 100% Advance Tax by 15th March.

    Documents Required

    • PAN of Individual/Company/Firm/LLP
    • Books of Accounts
    • Bank Statement

    Advantages of Advance Tax Payment

    • Reduces stress of taxpayers
    • speeds up the tax collection process
    • saves people from defaulting on tax payments

    Return Filing Procedure

    • Step 1
      Calculation of Liability and Advice
      • The first step is to calculate the tax liability of client and advice accordingly.
    • Step 2
      2Payment
      • In this step, make the payment online on NSDL portal.
    • Step 3
      Challan
      • On successful payment, you will get a copy of challan.

    How Registration Mitra helps in this Entire Process

    Proper Advice and research

    our expert reaches to you and understands your requirement, calculate your tax liability and advice accordingly.

    Online Payment

    We will assist you on making payment online

    Frequently Asked Questions

    If you are accruing income in excess of Rs.10,000 will be required to pay advance tax.

    If the advance tax paid is more than the total tax liability, the extra amount will be refunded. If the advance amount is more than 10% of the tax liability, then an interest of 6% p.a. will be paid by the IT Department.

    You can pay your advance tax either by internet banking or through challan.

    Yes, any tax paid till 31 March will be considered as Advance Tax payment.

    • Senior citizens aged 60 years and above are exempted from paying the advance tax.
    • Salaried individuals falling under TDS net are exempted from paying the advance tax. However, any earnings from sources such as interest, capital gains, rent and other non-salary income will attract advance tax.
    • If TDS deducted is more than the tax payable for the year, then one does not have to pay the advance tax.

    If advance tax paid by you is less than 90% of the assessed tax, then you will be charged an interest of 1% every month under Section 234B of the Income Tax Act. The interest is computed as 1% interest on the defaulted amount for every month until the tax is paid off completely. The same interest penalty will be applicable if you don’t pay by the second or third deadline. Under Section 234C of the Income Tax Act, if you do not pay your advance tax instalment on time, then you will be charged an interest rate of 1%.